The Volvo S60 racecar will use a 5.0-liter, naturally aspirated V8 based on Volvo's B8444S production engine that will be tuned to produce roughly 650 horsepower on E85 ethanol. Power will get to the ground via a six-speed sequential transmission, and it will be able to reach 62 miles per hour in 3.2 seconds and a top speed of 185. All cars in the series use common parts for the chassis, transaxle, and rear suspension.

Volvo's Polestar performance arm will campaign two of the S60 racers this season. While Volvo might seem like an odd inclusion into Australian racing, it actually has quite a successful history. It won the 1986 Australian Touring Car Championship in a 240 and won the Bathhurst 1000 race in 1998 in an S40. Polestar is not new to racing either, having been racing Volvos around the world since 1996.

The Swedes will be taking on cars from Ford, Holden, Nissan and Mercedes-Benz in a 15-event racing season around Australia, New Zealand and Tasmania that will start at the end of February. Scroll down to check out a video of the S60 being delivered near the Sydney Opera House and to read the full press release.

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Volvo S60 V8 Supercar makes its debut in Sydney

Volvo Polestar Racing unveiled its 650 HP Volvo S60 that will debut in the 2014 V8 Supercars by driving it across the Sydney Harbour Bridge under police escort.

"This is a significant day," said Christian Dahl, owner of Polestar. "Polestar has been Volvo Car Group's global performance and motorsport partner since 1996, and has campaigned Volvos in the World Touring Car Championship, the European Touring Car Championship and, currently, the Scandinavian Touring Car Championship. To that end, we're looking forward to the challenge of the V8 Supercar Championship."

Dahl was joined by Volvo Car Australia Managing Director Matt Braid, drivers Scott McLaughlin and Robert Dahlgren and team principal Garry Rogers to present the race car to the media.

"This is an historic day in the history of Volvo Car Australia," said Matt Braid. "As the first luxury car manufacturer to enter V8 Supercars with a factory team, we're delighted to reveal our Volvo S60 race car to meet the challenge of the world's toughest touring car series and strengthen the presence of the S60 model line – and Volvo brand – here in Australia."

Utilising the resources of Volvo, Polestar and GRM, the Volvo Polestar Racing S60 V8 Supercar has been designed and built to V8 Supercars' 'Car of the Future' regulations. These regulations include 18-inch wheels, transaxle gearbox and independent rear suspension (see specification details below).

"This is a race car like no other. It is really challenging, but fun, to drive. The power is insane, you need to treat it with respect. I am very much longing for the season start in Adelaide where I am going to face the biggest challenge of my racing career," said Dahlgren.

Volvo Car Australia has a rich heritage of motorsport in Australia, dating back to the 1960s, and posting some notable milestones, including winning the 1986 Australian Touring Car Championship with Robbie Francevic in a Volvo 240T.

Last year marked the 15th anniversary of Volvo winning Australia's most famous race, the Bathurst 1000 in 1998 with Jim Richards and Rickard Rydell in a Volvo S40.

Indeed, some of Australia's greatest names in motorsport have tasted success with Volvo including John Bowe and Peter Brock.

Garry Rogers commented: "For all the GRM staff it is incredibly satisfying to see the next step of all the hard work and energy they have put into designing and building the Volvo S60 V8 Supercar over the last 12 months. During this process, this same group of workers were also responsible for the preparation and running of our 2013 V8 Supercar Championship cars, so it makes me extremely proud to be surrounded by such a never-say- die group. We cannot wait to get on with the racing."

With the first race at the Clipsal 500 fast approaching at the end of February, testing of the Valvoline Volvo S60 continues apace, with the official V8 Supercar test day taking place at Sydney Motorsport Park on 15 February.

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Haha, Tasmania is part of Australia (one of 6 states, the other 2 are called territories). What you've written is the equivalent of saying,"...in the USA, Canada and Ohio." Although, Taswegians do like to think it's a separate country LOL.